FTAI Infrastructure Inc. Reports Third Quarter 2024 Results, Declares Dividend of $0.03 per Share of Common Stock
FTAI Infrastructure reported Q3 2024 financial results, showing a net loss of $49,971,000 with basic and diluted loss per share of $0.45. The company achieved Adjusted EBITDA of $36,928,000, with four core segments contributing $42,543,000. The Board declared a quarterly dividend of $0.03 per share, payable November 19, 2024. Business highlights include signing a long-term contract at Repauno, progress on Jefferson construction projects, and Long Ridge power plant operating at 99% capacity factor, with new capacity pricing expected to generate $16 million in incremental annual Adjusted EBITDA for 2025-26.
FTAI Infrastructure ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una perdita netta di $49,971,000 con una perdita per azione, sia base che diluita, di $0.45. L'azienda ha raggiunto un EBITDA rettificato di $36,928,000, con quattro segmenti principali che hanno contribuito con $42,543,000. Il Consiglio ha dichiarato un dividendo trimestrale di $0.03 per azione, pagabile il 19 novembre 2024. Tra i punti salienti dell'attività ci sono la firma di un contratto a lungo termine presso Repauno, i progressi nei progetti di costruzione a Jefferson, e l'impianto di energia Long Ridge che opera al 99% della capacità, con nuove tariffe di capacità previste per generare $16 milioni in EBITDA rettificato annuo incrementale per il 2025-26.
FTAI Infrastructure informó los resultados financieros del tercer trimestre de 2024, mostrando una pérdida neta de $49,971,000 con una pérdida por acción básica y diluida de $0.45. La compañía logró un EBITDA ajustado de $36,928,000, con cuatro segmentos fundamentales que contribuyeron con $42,543,000. La Junta declaró un dividendo trimestral de $0.03 por acción, pagadero el 19 de noviembre de 2024. Los aspectos destacados del negocio incluyen la firma de un contrato a largo plazo en Repauno, avances en los proyectos de construcción de Jefferson y la planta de energía Long Ridge operando al 99% de su capacidad, con nuevos precios de capacidad que se espera generen $16 millones en EBITDA ajustado incremental anual para 2025-26.
FTAI 인프라가 2024년 3분기 재무 결과를 보고했으며, $49,971,000의 순손실과 기본 및 희석 손실 주당 $0.45를 기록했습니다. 회사는 $36,928,000의 조정 EBITDA를 달성하였고, 네 개의 핵심 부문이 $42,543,000을 기여했습니다. 이사회는 주당 $0.03의 분기 배당금을 선언하였으며, 이는 2024년 11월 19일 지급됩니다. 비즈니스 하이라이트에는 Repauno에서의 장기 계약 체결, Jefferson 건설 프로젝트의 진행, Long Ridge 발전소가 99%의 용량으로 운영되고 있으며, 2025-26년 동안 추가 조정 EBITDA로 $16 백만을 생성할 것으로 예상되는 새로운 용량 가격이 포함됩니다.
FTAI Infrastructure a rapporté les résultats financiers du troisième trimestre 2024, affichant une perte nette de $49,971,000 avec une perte par action, de base et diluée, de $0.45. L'entreprise a réalisé un EBITDA ajusté de $36,928,000, avec quatre segments principaux contribuant à hauteur de $42,543,000. Le Conseil a déclaré un dividende trimestriel de $0.03 par action, payable le 19 novembre 2024. Les faits marquants des affaires incluent la signature d'un contrat à long terme à Repauno, les avancées sur les projets de construction à Jefferson, et la centrale électrique Long Ridge fonctionnant à 99 % de son facteur de capacité, avec de nouveaux prix de capacité qui devraient générer $16 millions en EBITDA ajusté annuel supplémentaire pour 2025-26.
FTAI Infrastructure hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Nettoverlust von $49,971,000 und einem Verlust pro Aktie, sowohl unverdünnt als auch verwässert, von $0.45. Das Unternehmen erzielte ein bereinigtes EBITDA von $36,928,000, wobei vier Kernsegmente mit $42,543,000 beitrugen. Der Vorstand erklärte eine vierteljährliche Dividende von $0.03 pro Aktie, zahlbar am 19. November 2024. Zu den Höhepunkten des Geschäfts gehören der Abschluss eines langfristigen Vertrags in Repauno, Fortschritte bei den Bauprojekten in Jefferson und das Kraftwerk Long Ridge, das mit 99 % Kapazitätsauslastung betrieben wird, wobei von den neuen Kapazitätspreisen erwartet wird, dass sie 2025-26 zusätzliche bereinigte EBITDA in Höhe von $16 Millionen generieren.
- Long Ridge power plant achieved 99% capacity factor
- New capacity pricing expected to add $16M annual Adjusted EBITDA for 2025-26
- Secured new long-term contract at Repauno facility
- Jefferson construction projects progressing on schedule and within budget
- Net loss of $49.97M in Q3 2024
- Loss per share of $0.45
- Low quarterly dividend of $0.03 per share
Insights
The Q3 2024 results reveal concerning financial performance with a
Key positives include the Long Ridge power plant's impressive
The divergence between negative GAAP metrics and positive operational indicators suggests the company is investing heavily in growth initiatives while managing through current market headwinds.
NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the third quarter 2024. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Financial Overview
(in thousands, except per share data) | |||
Selected Financial Results | Q3’24 | ||
Net Loss Attributable to Stockholders | $ | (49,971 | ) |
Basic and Diluted Loss per Share of Common Stock | $ | (0.45 | ) |
Adjusted EBITDA (1) | $ | 36,928 | |
Adjusted EBITDA - Four core segments (1)(2) | $ | 42,543 | |
_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Third Quarter 2024 Dividends
On October 30, 2024, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Business Highlights
- Signed long-term contract and additional LOI at Repauno and commenced construction for phase 2 transloading system.
- Construction projects at Jefferson progressing on schedule, on budget for contracts commencing in 2025.
- Long Ridge power plant operated at a
99% capacity factor; new capacity pricing for 2025-26 season represents$16 million of incremental annual Adj. EBITDA and expected to continue for foreseeable future(1).
(1) Represents management’s estimates; actual results may vary.
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Thursday, October 31, 2024 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register.vevent.com/register/BI0831790884ec4e0b9c259fbb54b3c628. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Thursday, October 31, 2024 through 11:30 A.M. on Thursday, November 7, 2024 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Transtar’s continued momentum, and Long Ridge’s potential ability to add substantial EBITDA for mid-2025 to mid-2026 period. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@fortress.com
Exhibit - Financial Statements
FTAI INFRASTRUCTURE INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||
(Dollar amounts in thousands, except share and per share data) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | |||||||||||||||
Total revenues | $ | 83,311 | $ | 80,706 | $ | 250,733 | $ | 239,032 | |||||||
Expenses | |||||||||||||||
Operating expenses | 62,766 | 68,416 | 188,566 | 196,353 | |||||||||||
General and administrative | 2,989 | 2,485 | 10,690 | 9,388 | |||||||||||
Acquisition and transaction expenses | 2,526 | 649 | 4,373 | 1,554 | |||||||||||
Management fees and incentive allocation to affiliate | 2,807 | 3,238 | 8,584 | 9,304 | |||||||||||
Depreciation and amortization | 19,492 | 20,150 | 60,176 | 60,577 | |||||||||||
Asset impairment | — | — | — | 743 | |||||||||||
Total expenses | 90,580 | 94,938 | 272,389 | 277,919 | |||||||||||
Other (expense) income | |||||||||||||||
Equity in losses of unconsolidated entities | (14,308 | ) | (9,914 | ) | (38,998 | ) | (7,173 | ) | |||||||
Gain (loss) on sale of assets, net | 2,758 | (263 | ) | 2,595 | 260 | ||||||||||
Gain (loss) on modification or extinguishment of debt | 747 | (2,020 | ) | (8,423 | ) | (2,020 | ) | ||||||||
Interest expense | (31,513 | ) | (25,999 | ) | (88,796 | ) | (73,431 | ) | |||||||
Other income | 6,537 | 2,387 | 15,865 | 3,978 | |||||||||||
Total other expense | (35,779 | ) | (35,809 | ) | (117,757 | ) | (78,386 | ) | |||||||
Loss before income taxes | (43,048 | ) | (50,041 | ) | (139,413 | ) | (117,273 | ) | |||||||
(Benefit from) provision for income taxes | (92 | ) | 8 | 1,980 | 2,560 | ||||||||||
Net loss | (42,956 | ) | (50,049 | ) | (141,393 | ) | (119,833 | ) | |||||||
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | (9,963 | ) | (9,932 | ) | (32,053 | ) | (30,101 | ) | |||||||
Less: Dividends and accretion of redeemable preferred stock | 16,978 | 15,984 | 51,563 | 45,811 | |||||||||||
Net loss attributable to stockholders | $ | (49,971 | ) | $ | (56,101 | ) | $ | (160,903 | ) | $ | (135,543 | ) | |||
Loss per share: | |||||||||||||||
Basic | $ | (0.45 | ) | $ | (0.55 | ) | $ | (1.51 | ) | $ | (1.32 | ) | |||
Diluted | $ | (0.45 | ) | $ | (0.55 | ) | $ | (1.51 | ) | $ | (1.32 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic | 109,723,831 | 102,820,651 | 106,317,677 | 102,800,818 | |||||||||||
Diluted | 109,723,831 | 102,820,651 | 106,317,677 | 102,800,818 | |||||||||||
FTAI INFRASTRUCTURE INC. | |||||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
(Dollar amounts in thousands, except share and per share data) | |||||||
(Unaudited) | |||||||
September 30, 2024 | December 31, 2023 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 20,295 | $ | 29,367 | |||
Restricted cash | 124,338 | 58,112 | |||||
Accounts receivable, net | 55,168 | 55,990 | |||||
Other current assets | 47,266 | 42,034 | |||||
Total current assets | 247,067 | 185,503 | |||||
Leasing equipment, net | 36,173 | 35,587 | |||||
Operating lease right-of-use assets, net | 68,859 | 69,748 | |||||
Property, plant, and equipment, net | 1,624,906 | 1,630,829 | |||||
Investments | 54,148 | 72,701 | |||||
Intangible assets, net | 47,237 | 52,621 | |||||
Goodwill | 275,367 | 275,367 | |||||
Other assets | 83,732 | 57,253 | |||||
Total assets | $ | 2,437,489 | $ | 2,379,609 | |||
Liabilities | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 152,957 | $ | 130,796 | |||
Operating lease liabilities | 7,270 | 7,218 | |||||
Other current liabilities | 13,449 | 12,623 | |||||
Total current liabilities | 173,676 | 150,637 | |||||
Debt, net | 1,535,679 | 1,340,910 | |||||
Operating lease liabilities | 61,651 | 62,441 | |||||
Other liabilities | 46,379 | 87,530 | |||||
Total liabilities | 1,817,385 | 1,641,518 | |||||
Commitments and contingencies | — | — | |||||
Redeemable preferred stock ( | 366,913 | 325,232 | |||||
Equity | |||||||
Common stock ( | 1,137 | 1,006 | |||||
Additional paid in capital | 785,734 | 843,971 | |||||
Accumulated deficit | (291,513 | ) | (182,173 | ) | |||
Accumulated other comprehensive loss | (124,587 | ) | (178,515 | ) | |||
Stockholders' equity | 370,771 | 484,289 | |||||
Non-controlling interest in equity of consolidated subsidiaries | (117,580 | ) | (71,430 | ) | |||
Total equity | 253,191 | 412,859 | |||||
Total liabilities, redeemable preferred stock and equity | $ | 2,437,489 | $ | 2,379,609 | |||
FTAI INFRASTRUCTURE INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
(Dollar amounts in thousands, unless otherwise noted) | |||||||
Nine Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (141,393 | ) | $ | (119,833 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Equity in losses of unconsolidated entities | 38,998 | 7,173 | |||||
Gain on sale of assets, net | (2,595 | ) | (260 | ) | |||
Loss on modification or extinguishment of debt | 8,423 | 2,020 | |||||
Gain on sale of easement | (3,486 | ) | — | ||||
Equity-based compensation | 6,768 | 5,814 | |||||
Depreciation and amortization | 60,176 | 60,577 | |||||
Asset impairment | — | 743 | |||||
Change in deferred income taxes | 1,187 | 2,148 | |||||
Change in fair value of non-hedge derivative | — | 1,125 | |||||
Amortization of deferred financing costs | 6,370 | 4,910 | |||||
Amortization of bond discount | 4,419 | 3,472 | |||||
Provision for credit losses | 569 | 1,661 | |||||
Change in: | |||||||
Accounts receivable | 253 | (5,547 | ) | ||||
Other assets | (5,982 | ) | 17,387 | ||||
Accounts payable and accrued liabilities | 17,676 | 15,130 | |||||
Other liabilities | 1,394 | 1,266 | |||||
Net cash used in operating activities | (7,223 | ) | (2,214 | ) | |||
Cash flows from investing activities: | |||||||
Investment in unconsolidated entities | (2,273 | ) | (6,070 | ) | |||
Investment in convertible promissory notes | (31,500 | ) | (51,044 | ) | |||
Acquisition of business, net of cash acquired | — | (4,448 | ) | ||||
Acquisition of leasing equipment | (1,627 | ) | — | ||||
Acquisition of property, plant and equipment | (53,322 | ) | (78,712 | ) | |||
Investment in equity instruments | (5,000 | ) | — | ||||
Proceeds from sale of leasing equipment | — | 116 | |||||
Proceeds from sale of property, plant and equipment | 598 | 1,148 | |||||
Proceeds from sale of easement | 3,486 | — | |||||
Net cash used in investing activities | (89,638 | ) | (139,010 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from debt, net | 449,689 | 162,100 | |||||
Repayment of debt | (247,594 | ) | (75,131 | ) | |||
Payment of financing costs | (10,397 | ) | (6,472 | ) | |||
Cash dividends - common stock | (9,707 | ) | (9,254 | ) | |||
Cash dividends - redeemable preferred stock | (9,723 | ) | — | ||||
Settlement of equity-based compensation | (3,214 | ) | (90 | ) | |||
Distributions to non-controlling interests | (15,039 | ) | (1,647 | ) | |||
Net cash provided by financing activities | 154,015 | 69,506 | |||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 57,154 | (71,718 | ) | ||||
Cash and cash equivalents and restricted cash, beginning of period | 87,479 | 149,642 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 144,633 | $ | 77,924 | |||
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net loss attributable to stockholders to Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | ||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net loss attributable to stockholders | $ | (49,971 | ) | $ | (56,101 | ) | $ | 6,130 | $ | (160,903 | ) | $ | (135,543 | ) | $ | (25,360 | ) | ||||||
Add: (Benefit from) provision for income taxes | (92 | ) | 8 | (100 | ) | 1,980 | 2,560 | (580 | ) | ||||||||||||||
Add: Equity-based compensation expense | 2,629 | 4,277 | (1,648 | ) | 6,768 | 5,814 | 954 | ||||||||||||||||
Add: Acquisition and transaction expenses | 2,526 | 649 | 1,877 | 4,373 | 1,554 | 2,819 | |||||||||||||||||
Add: (Gains) losses on the modification or extinguishment of debt and capital lease obligations | (747 | ) | 2,020 | (2,767 | ) | 8,423 | 2,020 | 6,403 | |||||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | 1,125 | (1,125 | ) | ||||||||||||||||
Add: Asset impairment charges | — | — | — | — | 743 | (743 | ) | ||||||||||||||||
Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
Add: Depreciation and amortization expense (1) | 20,725 | 20,150 | 575 | 63,418 | 60,577 | 2,841 | |||||||||||||||||
Add: Interest expense | 31,513 | 25,999 | 5,514 | 88,796 | 73,431 | 15,365 | |||||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | 5,625 | 5,554 | 71 | 15,090 | 20,630 | (5,540 | ) | ||||||||||||||||
Add: Dividends and accretion of redeemable preferred stock | 16,978 | 15,984 | 994 | 51,563 | 45,811 | 5,752 | |||||||||||||||||
Add: Interest and other costs on pension and OPEB liabilities | (248 | ) | 480 | (728 | ) | 214 | 1,440 | (1,226 | ) | ||||||||||||||
Add: Other non-recurring items (3) | — | 1,131 | (1,131 | ) | — | 2,470 | (2,470 | ) | |||||||||||||||
Less: Equity in losses of unconsolidated entities | 14,308 | 9,914 | 4,394 | 38,998 | 7,173 | 31,825 | |||||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (4) | (6,318 | ) | (5,410 | ) | (908 | ) | (20,305 | ) | (15,577 | ) | (4,728 | ) | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 36,928 | $ | 24,655 | $ | 12,273 | $ | 98,415 | $ | 74,228 | $ | 24,187 |
_______________________________
(1) | Includes the following items for the three months ended September 30, 2024 and 2023: (i) depreciation and amortization expense of |
(2) | Includes the following items for the three months ended September 30, 2024 and 2023: (i) net loss of |
(3) | Includes the following item for the three and nine months ended September 30, 2023: certain non-cash expenses related to cancellation of RSUs and Railroad severance expense of |
(4) | Includes the following items for the three months ended September 30, 2024 and 2023: (i) equity-based compensation of |
The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended September 30, 2024:
Three Months Ended September 30, 2024 | |||||||||||||||||||
(in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
Net income (loss) attributable to stockholders | $ | 14,528 | $ | (8,009 | ) | $ | (4,987 | ) | $ | (8,562 | ) | $ | (7,030 | ) | |||||
Add: Provision for (benefit from) income taxes | 1,174 | (426 | ) | (73 | ) | — | 675 | ||||||||||||
Add: Equity-based compensation expense | 547 | 673 | 1,306 | — | 2,526 | ||||||||||||||
Add: Acquisition and transaction expenses | 95 | — | — | 1,681 | 1,776 | ||||||||||||||
Add: Gains on the modification or extinguishment of debt and capital lease obligations | — | (747 | ) | — | — | (747 | ) | ||||||||||||
Add: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | ||||||||||||||
Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
Add: Depreciation and amortization expense (1) | 4,936 | 13,221 | 2,489 | — | 20,646 | ||||||||||||||
Add: Interest expense | 78 | 13,107 | 92 | — | 13,277 | ||||||||||||||
Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | — | — | — | 7,512 | 7,512 | ||||||||||||||
Add: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | ||||||||||||||
Add: Interest and other costs on pension and OPEB liabilities | (248 | ) | — | — | — | (248 | ) | ||||||||||||
Add: Other non-recurring items | — | — | — | — | — | ||||||||||||||
Less: Equity in losses of unconsolidated entities | — | — | — | 10,474 | 10,474 | ||||||||||||||
Less: Non-controlling share of Adjusted EBITDA (3) | (30 | ) | (6,055 | ) | (233 | ) | — | (6,318 | ) | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 21,080 | $ | 11,764 | $ | (1,406 | ) | $ | 11,105 | $ | 42,543 |
_______________________________
(1) | Jefferson Terminal |
Includes the following items for the three months ended September 30, 2024: (i) depreciation and amortization expense of | |
(2) | Power and Gas |
Includes the following items for the three months ended September 30, 2024: (i) net loss of | |
(3) | Railroad |
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of | |
Jefferson Terminal | |
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of | |
Repauno | |
Includes the following items for the three months ended September 30, 2024: (i) equity-based compensation of |
FAQ
What was FTAI Infrastructure's (FIP) net loss in Q3 2024?
When will FIP pay its Q3 2024 dividend?
What was FIP's Adjusted EBITDA for Q3 2024?